One should also note the presence of 200 SMA near the pattern. The fact that price is staying below 200 SMA should favor bears.

For bulls an upper breakout and a breakout above 200 SMA should happen. For bears breaking below the support line of the triangle should target 167, 160 and lower. For upper breakout one should watch 200 SMA, Price closing above it can give good up moves for Tata Motors.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."—Jesse Livermore